U.S. equities rose last week on better-than-expected employment data. The Dow Jones industrial average reached a record high last week and closed 66.71 points at 22,092.81. The index also posted its eighth straight record close. The S&P 500 gained 0.19 percent to close at 2,476.83. The Nasdaq composite closed at 6,351.56. Banks, including Goldman Sachs, outperformed the market, with the SPDR S&P Bank exchange-traded fund (KBE) advancing 0.81 percent. The space also received a boost from a jump in interest rates.
209,000 new jobs in JulyThe U.S. economy continued a strong summer, adding 209,000 jobs in July, above the expected gain of 183,000. The unemployment rate fell to 4.3 percent. According to a government report Friday, this is the lowest since March 2001. "This is the second month in a row where we came in above 200,000 and above expectations," said for CNBC, JJ Kinahan, chief market strategist at TD Ameritrade."I think the reason the market isn't going gangbusters here is because (the Dow) has gone up for eight days in a row. It's hard to justify buying heading into the weekend when you've had this rally."